What happened: the company released three quarterly reports in 2022. The company realized revenue of 1.366 billion yuan, an increase of 42.01% over the same period last year, a net profit of 135 million yuan, an increase of 53.83% over the same period last year, and a deduction of 130 million yuan for non-net profit, an increase of 93.63% over the same period last year. In the third quarter, the company achieved revenue of 450 million yuan, an increase of 30.46% over the same period last year, a year-on-year increase of 40 million yuan, a year-on-year increase of 25.41%, and a deduction of non-net profit of 38 million yuan, an increase of 34.68% over the same period last year and a decline of 35% compared with the previous quarter. This is mainly due to the insufficient operating rate of downstream components and the decline in sales of the company's products, and the backplane sales have dropped by about 30%. With the price of silicon falling, it is expected to return to normal in the fourth quarter.
The company launched an equity incentive plan to help the company develop at a high speed. In order to further improve the company's long-term incentive and restraint mechanism, attract and retain core talents, and fully mobilize the enthusiasm and creativity of core technical personnel and key production management personnel. The company intends to grant 540000 restricted shares to the incentive object, the exercise price is 36.00 yuan, the exercise condition is 23-24-25 revenue target 36-50-70 billion yuan, net profit target 4600 / 800 million yuan, this equity incentive will promote the rapid development of the company.
Large customers place orders in large quantities, the proportion of BO increases to 90%, and the production capacity expands rapidly to meet the market demand. The company actively promotes Bo backplane products and obtains batch orders from strategic customers such as Jingao Technology, Tongwei shares, Hanhua, China Energy Saving, Oriental Risheng and other strategic customers. BO backplane in the important customer Longji shares of the tests, certification, small, medium and large batch trial production have been completed, has been supplied in bulk. At present, the company's BO backplane shipments account for nearly 90%, and strive to account for more than 80% of BO backplane sales for the whole year, which will further improve the company's net profit level. The company's existing backplane capacity of 114 million square meters, has been full production, the future will increase production capacity 100 million square meters, is expected to smooth digestion, output will double, the new capacity has completed the purchase of land and plant, the speed of production expansion is fast, is expected to be put into production this year.
With the rapid development of film business, the epitaxial products of membrane technology are rich. The company's IPO raised 120 million square meters of POE film production capacity this year will gradually reach production, will become another growth point of the company's performance. In addition, the company also has a number of promising new technologies, including heterojunction grid film, which is expected to form a multi-point flowering situation in the future.
The production capacity of aluminum-plastic film is expanding rapidly to meet the increasing demand of the industry in the future. The company's aluminum-plastic film in the head customer A, B company is in the testing stage and normal promotion, the company will raise funds to greatly expand the company's aluminum-plastic film production capacity, in the context of domestic substitution to seize the market high point.
Profit forecast and investment advice. The company's backplane performance is growing faster than expected, and POE film and aluminum-plastic film will form a new driving force for growth in the future. We estimate that the company's parent net profit in 2022, 2023, will be $707 million in 2024, maintaining a "buy" rating.
Risk hints: one-sided component market shrinks; lithium battery technology iteration; fixed increase new production can not meet the expected risk.